Sources: Fox Made $80B Offer For Time Warner, Was Rebuffed

Sources said that Rupert Murdoch's 21st Century Fox made an $80B takeover bid for Time Warner "but was rebuffed." Sources added that Fox "first approached Time Warner in early June" when 21st Century Fox President & COO Chase Carey met with Time Warner Chair & CEO Jeff Bewkes. A merger/takeover "would combine Fox's growing sports business with the broadcast rights" that Time Warner owns for pro and college basketball and MLB, "among other sports." The move "might again ignite a reshaping of the media industry" (NYTIMES.com, 7/16).